Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Hospital Capacity Management Solutions Market – Insights
Hospital capacity management solutions (HCMS) are used to effectively utilize and manage availability and accommodation of hospital beds, caregivers and other assets. HCMS enable improved patient care and projects patient inflow. These solutions comprise various modules such as workflow management, real-time tracking, and bed management.
The global hospital capacity management solutions market is estimated to account for US$ 1,540.6 Mn in terms of value and XYZ Thousand Tons in terms of value by the end of 2027.
Global Hospital Capacity Management Solutions Market: Drivers
Increasing prevalence of chronic diseases is expected to lead to high number of hospitalization, thereby aiding growth of the global hospital capacity management solutions market. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Moreover, increasing incidence of accidents is also expected to boost growth of the market. For instance, according to 2018 Fatal Motor Vehicle Crashes: Overview by National Highway Traffic Safety Administration, a U.S. federal agency, 10,511 deaths were registered in the U.S. in 2018 due to accidents.
North America region held dominant position in the global hospital capacity management solutions market in 2018, accounting for 55.1% share in terms of value, followed by Europe.
Figure 1. Global Hospital Capacity Management Solutions Market Value (US$ Mn), by Region, 2018
Global Hospital Capacity Management Solutions Market: Restraints
Lack of awareness regarding HCMS, especially in emerging economies is expected to hamper growth of the global hospital capacity management solutions market.
The forecast provided by HCMS often fails to match reality as each scenario may vary from case to case. Such drawback is also expected to hinder growth of the market.
Global Hospital Capacity Management Solutions Market: Opportunities
There is a significant gap in the number of hospital beds and number of patients, especially in emerging economies. This is expected to offer lucrative growth opportunities for players in the global hospital capacity management solutions market. For instance, according to Government of India, Health Ministry, under the National Health Profile 2019, there is one government hospital bed per 1,844 population and one state-run hospital for every 55,591 population in India.
Moreover, increasing funding by government and private organizations to improve patient experience is also expected to boost growth of the market. For instance, in December 2019, Partners HealthCare, a non-profit hospital and physician’s network, launched a five-year digital health initiative to improve the patient experience, boost digital innovation and transform clinical care across the system.
Real Time Locating System (RTLS) segment in the hospital capacity management solutions market was valued at US$ 316.1 Mn in 2018 and is expected to reach US$ 518.9 Mn by 2027 at a CAGR of 5.6% during the forecast period.
Market Trends/Key Takeaways
HCMS have gained traction in the healthcare industry due to its ability to optimize asset and resource management and also enable efficient assigning of healthcare staff. This in turn increases productivity while reducing time and assets wastage, as well as mismanagement.
Major hospitals are reducing the number of beds to reduce expenses. This has led to need for effective and efficient use of resources. HCMS aid in reducing hospital stay period of patients and maximizing occupancy levels of hospital beds. Moreover, increasing bed turnover per bed is expected to high adoption rate of HCMS in hospitals.
Global Hospital Capacity Management Solutions Market: Competitive Landscape
Major players operating in the global hospital capacity management solutions market include, Awarepoint Corporation (CenTrak), Allscripts Healthcare Solutions, Inc., Care Logistics, LLC, McKesson Corporation, Central Logic, STANLEY Healthcare, Sonitor Technologies, Inc., TeleTracking Technologies, Inc., Cerner Corporation, and Epic Systems Corporation.
Global Hospital Capacity Management Solutions Market: Key Developments
Key players in the market are focused on expanding their services in order to enhance their market share. For instance, in June 2018, CenTrak announced the transfer of select assets of Awarepoint to its subsidiary Clinical Patents LLC (CPLLC) in order to expand CenTrak’s market-leading IoT Location and Sensing services with the addition of Bluetooth Low Energy (BLE) sensor technology.
In August 2018, Care Logistics announced a new suite of services available to hospitals and health systems that enable those hospitals to make improvements in patient flow and operations.